Employee Perks - Making A Big Difference With A Small Budget

March 2, 2018 / by Maria Shields posted in Employee Perks

Having a happy, engaged and motivated workforce can have a huge impact on the success of your business. In fact, according to Top Employers UK (TEUK), employee engagement is one of the top three drivers of business success.

Moreover, if economists are to be believed, the alternative can be very costly: it’s been estimated that the average cost of replacing each employee is £30,614 when you consider both the logistical cost of recruiting and the cost of lost output whilst new employees get up to speed.

One of the ways that small businesses can foster a more engaged workforce is by introducing employee perks that make staff feel valued and which support their mental and physical well-being. Many small businesses believe they don’t have the budget for these kinds of initiatives yet it doesn’t always need to be about money. Here are some employee perks that you can implement on a shoestring budget:

Staff Discounts - make salaries go further

Money worries are a major issue for employees and can have a negative impact on productivity and motivation. Small businesses often don’t have the resources to compete with the kind of salary packages that big businesses offer, yet there are other ways that you can support their financial wellbeing. These days you can introduce a comprehensive employee discounts scheme for as little as four pounds a month, per employee. That means giving your team access to thousands of pounds worth of discounts on everything from luxury brands to major supermarkets. The best employee discounts schemes are quick, easy to use, and supported by a concierge service, which saves employees time as well as money.

Recognise the efforts of your team

It sounds simple but saying thank you (and encouraging managers and colleagues to do the same) can be the most effective way to recognise hard work and it doesn’t cost a penny. Whether in a handwritten note, or at a team meeting, a study by Glassdoor found that 80% of employees would be willing to work harder for an appreciative boss and 70% said they’d feel better about themselves and their efforts if their boss thanked them more regularly.

Think about how you could encourage staff and managers to say thank you, as well as how to make it more meaningful. Peer-to-peer recognition is as important as recognition from leadership and could involve allowing staff to nominate each other for non-financial awards. These can include things such as an extra hour in bed, a day off, or even a coveted parking space.

Support learning and development

Giving your team learning and development opportunities is a great way of supporting their long-term engagement in your business and something that can be done in a very cost-effective way. There does tend to be a cost involved when it comes to training your team, however there is also the added benefit that you are upskilling them which can be advantageous to your business. Plus, there are ways that L&D costs can be reduced. Peer-to-peer knowledge transfer is something that we have seen a number of clients doing: sharing something they are passionate about or teaching a new skill to another team within the business.

At the same time giving your team the opportunity to get involved in charity events or volunteering, such as embarking on the National Three Peaks challenge, can help teams bond with each other and build up soft skills such as teamwork and leadership. Whilst there is an opportunity cost here – they may have to take time out of the working day to focus on these types of activities – the potential benefits are huge.

Find out more about the Staff Treats employee discount platform and concierge service today…

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Posted in Employee Perks